Tencent Music Entertainment Group (NYSE:TME) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 23.0% in the third quarter, HoldingsChannel.com reports. The firm owned 1,788,833 shares of the company’s stock after selling 535,564 shares during the quarter. JPMorgan Chase & Co.’s holdings in Tencent Music Entertainment Group were worth $21,555,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Cantillon Capital Management LLC lifted its position in shares of Tencent Music Entertainment Group by 39.9% during the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after buying an additional 5,265,783 shares during the last quarter. Mawer Investment Management Ltd. grew its stake in Tencent Music Entertainment Group by 1,131.8% during the 3rd quarter. Mawer Investment Management Ltd. now owns 4,547,836 shares of the company’s stock worth $54,801,000 after buying an additional 4,178,636 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Tencent Music Entertainment Group by 287.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,845,013 shares of the company’s stock worth $58,382,000 after buying an additional 3,594,383 shares during the period. FMR LLC lifted its stake in Tencent Music Entertainment Group by 98.8% in the third quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after buying an additional 2,967,779 shares during the last quarter. Finally, Coronation Fund Managers Ltd. boosted its holdings in shares of Tencent Music Entertainment Group by 84.6% in the third quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock valued at $68,158,000 after acquiring an additional 2,592,381 shares during the period. 24.32% of the stock is owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 0.8 %

TME opened at $10.91 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 12 month low of $8.19 and a 12 month high of $15.77. The stock has a market capitalization of $18.72 billion, a P/E ratio of 20.20, a P/E/G ratio of 0.91 and a beta of 0.69. The business has a 50 day simple moving average of $11.58 and a 200-day simple moving average of $12.09.

Analysts Set New Price Targets

TME has been the topic of a number of recent research reports. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Barclays initiated coverage on shares of Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 target price for the company. Finally, Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price target on the stock. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.